PETALING JAYA (Feb 17): Property investment and holding company KL 33 Properties Sdn Bhd has acquired Menara Prudential (pictured) in Kuala Lumpur city centre for RM125 million, according to JLL Malaysia who is the transaction advisor on behalf of the seller — OCBC Properties (M) Sdn Bhd.
“We are pleased to have supported both the seller and buyer on their exit and growth strategy throughout the transaction.
“This transaction has presented a rare opportunity for the purchaser to own a Grade A asset in an easily-accessible location with high quality office space.
“Given the improved public transport infrastructure in Kuala Lumpur, we’re starting to see a spike in demand for projects with good connectivity,” said JLL Malaysia country head, Y Y Lau.
Located in Kuala Lumpur city centre’s prime financial district, the 24-storey Menara Prudential is set along the bustling Jalan Sultan Ismail and has a net lettable area of 164,706 sq ft. It also serves as the head office for its anchor tenant, Prudential Assurance Malaysia.
Meanwhile, KL 33 Properties property director, Mike Kan said the company would like to bring the building up to the high standards of modern offices.
“We plan to undertake a major transformation programme to see the building refreshed with IT facilities, an intelligent building system, a modern and revamped entrance lobby and refurbished interiors,” he said.
JLL Malaysia has advised OCBC Bank (M) Bhd on the sale of two buildings — a four-storey commercial building along Jalan Hang Kasturi in Kuala Lumpur and a three-storey heritage building at Lorong Hang Jebat in Melaka previously in 2015 and 2013, respectively.